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I'm not up to mashing yet but do know that not all barley is the same. If you just want it on the cheap then go for it. Barley has all the enzymes needed to malt whether it's two row or four row or horse feed.
I think a better idea is to get together with a couple other home brewers and spilt a 50lb bag of good barley. You'll get a discount and the good stuff.
Barley from the grain store is unmalted - if you go to the BeerSmith blog and search for "Malting" you will find a post from a few months ago on how to malt your grains. Its not a simple process to do at home, but it can be done.
After you malt it, it still needs to be mashed (like the grains you get from your brewing store).